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PAKISTANI EXPORTERS SELL PROCEEDS IN ADVANCE IN PAST FISCAL YEAR.
KARACHI, Aug 1 Asia Pulse - Exporters did not hold back export bills in the past fiscal year as the rupee gained 3.6 per cent against the US dollar.
Instead they discounted the bills or realized the export proceeds in advance to get the exchange rate benefits.
Bankers say that the stock of outstanding export bills turned negative in the 2003/04 fiscal year, meaning that exporters did not hold back export bills and instead discounted some of them.
In the eleven months to May 2003, the stock of outstanding export bills stood at minus US$140 million.
Between July 2002 and May 2003, the exporters had discounted US$140 million in export bills or realized their proceeds in advance to get an exchange rate benefit.
In a year-ago period they had held back US$156 million in export bills instead.
Senior bankers say the trend still continues as the exporters hope for a further strengthening of the local currency on the back of increased exports and rising home remittances.
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